The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Blackstone-owned energy storage developer Aypa Power secures US$320 million credit

LinkedIn
Twitter
Reddit
Facebook
Email

Energy storage developer Aypa Power has secured US$320 million in corporate credit facilities to advance activities including interconnection agreements and customer contracts for a 15GW+ pipeline of projects.

Private equity firm Blackstone bought the business in 2020 and rebranded it from its former name of NRSTOR C&I. Prior to the acquisition, the company had been focused on commercial and industrial (C&I) projects, mostly in its home province of Ontario, Canada. Aypa Power has since pivoted towards the utility-scale market segment.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

It has become a player in the US grid-scale market, opening up an HQ far south of the border in Texas. In Energy-Storage.news’ most recent coverage of Aypa Power, it secured US$88 million financing for a 173MWh standalone battery energy storage system (BESS) project in Texas’ Webb County.

At the time of that announcement, in July last year, the company put its development pipeline at 12GW. Aypa Power CEO Moe Hajabed said yesterday the company’s near-term goal is to get 1.5GW of its pipeline – which includes hybrid as well as standalone storage – to the notice-to-proceed stage, meaning construction is ready to go ahead, within the next 24 months.

The latest financing has been led by Banco Santander, Investec and Nomura, with the three acting as joint bookrunners and lead arrangers. The corporate credit facilities comprise a US$250 million letter of credit and a further US$70 million revolving credit.

The funding will be used as development capital and credit support for what Aypa Power described as securing “obligations principally relating to power purchase agreements (PPAs) and other revenue contracts, as well as interconnection agreements”.

Energy-Storage.news’ publisher Solar Media will host the 5th Energy Storage Summit USA, 28-29 March 2023 in Austin, Texas. Featuring a packed programme of panels, presentations and fireside chats from industry leaders focusing on accelerating the market for energy storage across the country. For more information, go to the website.

Read Next

April 16, 2024
Energy management solutions provider GridBeyond has raised investment to extend its capabilities for “robotic” trading of energy assets and expand internationally, the company’s CEO has said.
April 16, 2024
SSE Renewables has launched its first operative battery energy storage system (BESS) with a capacity of 50MW/100MWh. 
Premium
April 10, 2024
The BESS industry is looking at ways to leverage the 45x tax credit for domestic cell manufacturing in the US, with the domestic content investment tax credit (ITC) bonus still unclear.
Premium
April 9, 2024
Battery technology startup Alsym Energy is keeping the exact chemistry of its product under wraps for the time being, the company has confirmed to Energy-Storage.news.
April 9, 2024
Developer and operator EsVolta has secured a US$185 million senior secured credit facility for its US battery energy storage system (BESS) project pipeline.

Most Popular

Email Newsletter